Brexit means "British exit from the European Union", is the impending withdrawal of the United Kingdom from the European Union (EU). It follows from the referendum of 23 June 2016 when 52 percent of those who voted in the referendum supported withdrawal. The United Kingdom is due to leave the EU on 29 March 2019 at 11 p.m. UK time.Theresa May has dismissed speculation she could be ousted as prime minister over her Brexit agreement, saying: "I am going to see this through." Despite a series of ministers resigning and talk of a no-confidence vote, she vowed to get the deal signed off in Brussels and to put it to MPs.
"The course I have set out is the right one for our country," she said.
This year the UK's contribution to the EU budget is forecast to be a net £10.8bn. It has agreed to continue paying similar amounts until the end of the "transition period" - the time after Brexit Day on 29 March 2019 that both sides have set aside to agree a trade deal. The payments will form part of the "divorce settlement" - expected to be at least £39bn - which the UK has agreed to pay the EU to cover its financial obligations for leaving.
The U.K. is a net contributor to the EU – as are other large economies like Germany and France. The money is used across Europe to ensure a level playing field for the EU's poorer countries by being invested in for example, new roads or broadband.
Brexiters argued that leaving the EU would result in an immediate cost saving, as the country would no longer contribute to the EU budget.
The EU is a single market in which no tariffs are imposed on imports and exports between member states.
Under EU law, Britain cannot prevent anyone from another member state from coming to live in the UK, while Britons benefit from an equivalent right to live and work anywhere else in the bloc. The result was a huge increase in immigration into Britain, particularly from eastern and southern Europe.
For Leavers, exiting the EU was going to allow Britain to re-establish itself as a truly independent nation with connections to the rest of the world. For Remainers, it would result in the country giving up its influence in Europe, turning back the clock and retreating from the global power networks of the 21st century.
During the transition period, freedom of movement rules apply, meaning EU citizens will be free to live and work in the UK and vice versa. Once the UK exits transition, it will be able to set its own rules on immigration. This is why the prime minster claims the UK will be "taking back control" of its borders and that the country will be ending free movement. But if the transition period continues, so EU citizens will be able to carry on moving to the UK.
One of the economic arguments often put forward for Brexit is that EU membership is hampering the U.K.'s trade ties outside the trading bloc. EU membership would be replaced by "new economic commerce with the whole world". It is difficult to seriously argue that EU membership is a greater barrier to trading with China -
GUYS, WHAT DO YOU THINK?
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Tunde Rasaq
The major reason is security, aftermath of golf spring they are afraid of refugees in flow from Arab nations.
Aberuagba Thelma
Hmmmmm
